Hesai Group Launches Up to HK$3.9 Billion Hong Kong IPO

MT Newswires Live

Yesterday

Hesai Group (HKG:2525) launched its initial public offering in Hong Kong on Monday, seeking to raise as much as HK$3.88 billion from the deal.

Hesai ADRs jumped 5% on the news in overnight trading.

The three-dimensional light detection and ranging product developer is offering up to 17 million shares at an indicative price of HK$228.00 apiece, according to an early Monday morning filing with the Hong Kong Stock Exchange.

Allocation results will be disclosed Sept. 15, ahead of the company's trading debut on the bourse on Sept. 16.

The Nasdaq-listed company attracted six cornerstone investors, which agreed to subscribe to $148 million of the shares on offer.

Net proceeds amounting to HK$3.71 million are earmarked for the company's investments in R&D, manufacturing capabilities, business development, and working capital and general corporate purposes.

China International Capital Corporation Hong Kong Securities, Guotai Junan International and CMB International Capital are the joint sponsors, sponsor-OCs, overall coordinators, joint global coordinators, joint bookrunners and joint lead managers of the offering. Haitong International Securities and BOCI Asia also act as overall coordinators, joint global coordinators, joint bookrunners and joint lead managers.

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